Tech billionaire Elon Musk has claimed that rapid advances in artificial intelligence and robotics could soon make traditional retirement savings unnecessary, reshaping how people think about long-term financial planning.
Speaking on the Moonshots podcast with Peter Diamandis, Musk argued that future technology may eliminate scarcity, urging people not to stress about saving money for retirement decades ahead.
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Musk, who leads Tesla and SpaceX, said AI-driven productivity could automatically provide essential services, making personal savings far less relevant than they are today.
He explained that massive gains from intelligent machines could ensure access to income, goods, and services without individuals needing to rely on pensions or long-term savings plans.
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The billionaire added that society could move beyond abundance, where robots produce nearly everything at minimal cost, a view he has also shared in earlier discussions with U.S. lawmakers.
In a previous interview with Ted Cruz, Musk said goods and services might become almost free, as billions of robots could eventually meet human needs efficiently and at unprecedented scale.